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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I'm selling my Restaurant business ltd together with the

Resolved Question:

I'm selling my Restaurant business ltd together with the lease. The lease is in my name signed on 2015.
do I need landlord's consent when selling?I have 9 years left on the lease. It's a basic simple lease which doesn't mention anything about selling or transferring. The lease is not registered with land registry.Landlord will attempt to negotiate a higher rent with the new tenant.Thanks
Submitted: 1 year ago.
Category: Property Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.
Does it say you need the Landlords consent please on the lease?
Customer: replied 1 year ago.
If you would like I can copy and paste the the exact terms of lease documents, it's only four paragraphs.
Expert:  Ash replied 1 year ago.
Please.
Alex
Customer: replied 1 year ago.
I will do it by tonight.
Expert:  Ash replied 1 year ago.
Ok
Customer: replied 1 year ago.
No
Expert:  Ash replied 1 year ago.
No?
Customer: replied 1 year ago.
Parties to this lease
Landlord: xxxxTenant:
Xxxx
Property
XxxxxxxTerms for which the property is leased:
10 years starting 1st day of June 2015. From 1st June 2015 to 31st December 2016 rent is £1500. After this period, every year rent increases by 4% from 1st January 2017 to the end of the lease.
Agreed Terms:
1. The tenants must ensure that the building insurance is always in place the tenants are wholly responsible for the payment of the building insurance.
2. The tenants are wholly responsible for repairing and keeping in good condition the external; walls, roof and the windows (including glass) of the property.
3. The tenants are under obligation to repair and keep in good condition.
4. The tenant is under obligation to run the business in accordance of all the relevant laws and regulations.
5. The tenant is responsible for the payment of all utilities as of 1st October 2015.
6. No terms agreed in this lease to be interpreted in any way to exclude the rights and obligations of both the landlord and the tenants under laws and regulations in England. This lease comes under the jurisdiction of English Legal System and only the English courts will have power to deal with.
Customer: replied 1 year ago.
That's the whole of the lease agreement.
Expert:  Ash replied 1 year ago.
Ok, well it doesnt say you can assign but then it also does not say the Landlords permission is needed.
So if you assign then no, the Landlords permission is not needed.
Can I clarify anything for you about this today please?
Alex
Customer: replied 1 year ago.
hi Alex
thank you for your response.does the landlord need to be present during the sale of transaction of lease and business. will the acting solicitor just assign the lease without landlord input?how would the lease be assigned?how much tax will i pay if i see my restaurant business for £38,000thanks
Expert:  Ash replied 1 year ago.
The Landlord doesnt need to be present, it can go through a Solicitor.
A document would be drawn up assigning it and signed by you, new tenant and Landlord. Then its done.
If you sell for £38k and no losses to offset then the first £11,100 is tax free. Then you pay tax on the balance up to your usual limit. If this amount is less than the basic Income Tax band (£31,785 for the 2015 to 2016 tax year) you’ll pay 18% Capital Gains Tax. You’ll pay 28% on any amount above this.
Does that help?
Alex
Customer: replied 1 year ago.
ok how about if the landlord refuses to sign the assigning lease document,
Expert:  Ash replied 1 year ago.
Sadly then you get into a fight. It does not say you can assign the lease but also doesnt say he can refuse. At worse case you would need a Court order.
Does that help?
Alex
Customer: replied 1 year ago.
Is the landlord within its rights to ask for premium when the new tentant signs the lease.
Expert:  Ash replied 1 year ago.
No because the agreement doesnt allow it.
Does that help?
ALex
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
Ash and 4 other Property Law Specialists are ready to help you
Customer: replied 1 year ago.
One point I miss out.Can I assign this lease, even though it doesn't say on it.
Expert:  Ash replied 1 year ago.
Yes you should be able to.
Alex
Customer: replied 1 year ago.
Alex,
As expected the landlord wants to vette the new tentants he wants them to provide security on the lease such as property. And he wants to reduce the lease term to 5 years.How can we stop him from doing this.
Expert:  Ash replied 1 year ago.
He can't unless the agreement allows him to do this.
Thanks
Alex
Customer: replied 1 year ago.
i didn't register the lease with land registry does that mean my lease its invalid.
Expert:  Ash replied 1 year ago.
That in itself no.
Alex
Customer: replied 11 months ago.
i have a buyer who wants to get agreement in principle to take over the property, but isn't the other way around he buys the business first then the leasehold?

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